Warburg Pincus-invested IP developer BW starts paintings on twelfth undertaking in Vietnam

BW Industrial Development JSC, a joint venture between American private equity giant Warburg Pincus and Vietnamese top industrial developer Becamex, has kicked off the construction of BW Deep C 2 Industrial & Logistics Park in Hai Phong city.

The complex, located in the northern coastal city, is the 12th project of BW in Vietnam this year, fulfilling its target of 12 new projects in 2024.

Work on the latest project started on Wednesday and is set for completion in the third quarter of 2025.

BW Deep C 2 is BW’s 10th project in Hai Phong, further solidifying BW’s position as the market leader in this economic hub of Vietnam.

With 12 projects launched for construction this year, the company is poised to meet the rapidly rising demand driven by global supply chain diversification and Vietnam’s increasing FDI inflow.

Currently, BW is running and building 59 projects in 12 cities and provinces of Vietnam, with a gross floor area of 4.4 million square meters.

In September, during his working trip in the United States, Vietnamese Party chief To Lam had a meeting with Jake Siewert, Warburg Pincus head of global public policy and political risk. The American side affirmed the firm has so far invested over $4 billion in Vietnam, the third-biggest figure in Asia, only behind China and India.

Warburg Pincus aims to invest more in Vietnam in green finance, renewable energy, and implementation of Vietnam’s power development plan VIII (PDP VIII), the executive added.

The country’s total registered FDI hit $31.4 billion in the past 11 months, up 1% year-on-year. Of this, $17.39 billion (up 0.7%) was newly-registered capital for 3,035 projects (up 1.6%).

About $9.93 billion (up 40.7%) was additional capital of 1,350 operational projects (up 12.9%), and $4.06 billion (down 39.7%) came from 3,029 capital contributions/capital acquisitions (down 7%).

Hai Phong ranked fourth with $2.15 billion.